• Selective buying helps PSEi post modest gain

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    The local stock market stayed on the green side on Tuesday on selective buying.

    The Philippine Stock Exchange index (PSEi) sustained its position above the 6,000-point level, rising by 0.23 percent, or 13.64 points to end at 6,019.24. The wider all-shares index climbed by 0.06 percent, or 2.19 points to 3,662.36.

    “This was the second time we ended [at]about 6,000 [points]. Selective buying lifted the main index because there was no market moving news,” Abbygayle Estrella, analyst at AB Capital, said.

    Except for holding firms and property, majority of the sectoral indices settled on the green side. Mining and oil posted the largest improvement, increasing by 2.75 percent, or 366.61 points to 13,694.79, followed by the services, which went up by 1.16 percent, or 21.76 points to 1,896.46. Financials also climbed by 0.95 percent, or 13.91 points to 1,469.78, while industrial gained by 0.13 percent, or 11.26 points to 9,043.53.

    Holding firms, on the other hand, declined by 0.51 percent, or 27.94 points to 5,418.88, while property ended 0.36-percent lower, or 8.21 points to 2,269.88.

    Total value turnover almost remained the same at P4.7 billion with advancers still beating decliners, 85 to 72.

    Some of the top gainers on Tuesday were Philippine Long Distance Telephone Co., BDO Unibank Inc., Metropolitan Bank and Trust Co., Alliance Global Group Inc., Aboitiz Power Corp., Security Bank Corp., Atlas Consolidated Mining and Development Corp., and Puregold Price Club Inc.

    As another trading week began, Philippine shares finally pierced through the 6,000-point level despite absence of leads.

    On Monday, the PSEi closed past 6,000 points for the first time this year, gaining 18.51 points, or 0.31 percent to finish at 6,005.60. The wider all-shares index added 5.07 points, or 0.14 percent to 3,660.17.

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